Loan Modification Attorneys Helping Los Angeles and Orange County
The difference between negotiating with your lender alone and employing a loan modification attorney is dramatic. To keep your home, it’s essential that your hardship be documented accurately, that paperwork is complete, and that the new terms ensure long-term debt relief.
Oaktree Law loan modification attorney in Los Angeles will evaluate your current mortgage and the challenges you face. Our loan modification services can help make your home affordable again.
Contact us or call 800-535-1627 to speak to an experienced loan modification attorney in Los Angeles and the surrounding area.
Southern California’s Experts in Loan Modification Law
A loan modification can offer relief. There are many justifications a loan servicer can use to deny your application though. The paperwork is often extensive and confusing. Unfortunately, the lender’s new terms may not provide any real assistance.
Nearly all mortgage banks use a debt to income ratio to help determine eligibility. Even if you qualify, lack of documentation, an incomplete application or a poorly written hardship letter can hurt your chances. Our attorneys ensure that you receive a fair decision.
Lenders prefer that you apply without legal representation because you’re less likely to understand all of your rights. Our attorneys will guide you through the entire process of home loan modification in Orange County. Upon approval, we will negotiate with your mortgage holder to secure manageable payments and true debt reduction.
Frequently Asked Questions
WHAT IS A LOAN MODIFICATION? A loan modification is a process in which the bank allows a change in the terms of your existing mortgage. The purpose of a modification is to significantly lower your monthly payments, for either a temporary or permanent period of time.
HOW MUCH CAN I REALLY SAVE BY DOING A LOAN MODIFICATION? It’s possible to save hundreds or thousands a month. Remember, the length of a loan is typically 30 years. The loan modification that saves you $500 a month can equal $180,000 over the life of the loan.
WHO QUALIFIES FOR A HOME LOAN MODIFICATION? Orange County residents who are struggling to pay their mortgages should look into the option. However, a high probability candidate currently has an adjustable-rate mortgage, a high interest rate, is upside-down on their home or is experiencing any kind of hardship.
WHY WILL IT WORK FOR ME? The government has asked for ALL lending banks to help in the foreclosure epidemic and modify mortgages for troubled homeowners. A loan modification attorney in Los Angeles can help ensure that you get the best terms available from your lender.
WHAT IF MY CREDIT IS BAD? A loan modification is not based on credit. The banks are trying to make a good loan out of a troubled loan.
WHAT IF MY INCOME IS TOO LOW? You will need to show the bank that your household can afford the new payment. We will determine this in our Pre-Qualification when you start the process.
WHAT SHOULD I EXPECT THE TERMS TO BE ON MY NEW LOAN? Banks have rapidly changing guidelines for loan modifications. A bank will typically modify your loan into payments you can continue to pay. This may include a lower interest rate, payment rescheduling, principle reduction, longer terms or any other function that will keep the loan performing.
DOES EVERY BANK DO LOAN MODIFICATIONS? Almost all banks do. We are in a housing crisis and banks are willing to work with clients to help save their homes.
HOW DOES THE BAIL OUT BILL AFFECT MY CHANCES OF GETTING A LOAN MODIFICATION? The government is telling banks they need to do their part to fix the housing crisis. The Bail Out Bill will only help your chances of getting a loan modification.
Foreclosure Debt Relief
Put our legal expertise to work by contacting an Oaktree Law loan modification attorney in Los Angeles online or by calling 800-535-1627. We can help homeowners at risk of default.